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Article: Hampton Roads and nation.(Front)
- Article from:
- The Virginian-Pilot (Norfolk, VA)
- Article date:
- October 30, 2009
CopyrightCOPYRIGHT 2009 The Virginian Pilot-Ledger Star. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PortfolIo ReCOVERY'S PROFIT DECLINES 12%
NORFOLK | Portfolio Recovery Associates Inc., which buys pools of defaulted consumer debt and attempts to collect it, said Thursday that its third-quarter net income fell 12 percent because of an $8 million allowance charge prompted by the weak economy. The Norfolk-based company reported net income of $10.1 million for the July-through-September period, compared with $11.46 million for the year-earlier period. Diluted earnings per share dropped to 65 cents from 75 cents.
Revenue for the quarter was flat at $68.57 million. Despite the earnings decline, Portfolio Recovery's shares jumped $3.72, or 8 percent, in ...